Sundial Growers (NASDAQ: SNDL) this morning announced that it has entered into a joint venture with that of SAF Opportunities, which is a member of SAF Group, a private equity and credit investment firm. The new venture is to be labelled as SunStream Bancorp.
The venture was reportedly formed to leverage “financial and operational partnership to generate asymmetrically enhanced risk-return opportunities in the cannabis industry.” SunStream is expected to gain such exposure through the use of debt, equity and hybrid investments along cannabis-related verticals. The venture is reportedly focused on both Canadian and international opportunities.
Sundial has committed an initial $100 million to the venture, with the first mandate being the formation of a special opportunities fund that will also see funds raised from third parties. Potential mandates being pursued include a Canadian SPAC among other investments.
Sundial Growers last traded at $1.42 on the Nasdaq.
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